Xcel Energy Inc. (XEL) Key Metrics
XEL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $47.67B
- Enterprise value
- $82.45B
- P/E (TTM)
- 20.9 10-yr median 21.4
- Forward P/E
- 16.0
- PEG ratio
- 1.78
- Price / sales
- 3.3 10-yr median 2.6
- Price / book
- 1.8 10-yr median 2.1
- EV / EBITDA
- 12.6 10-yr median 12.4
- Dividend yield
- 3.11% $2.37 a year
- Beta
- 0.37
XEL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsXEL valuation Price multiples at each fiscal year-end price.
XEL returns How much profit the business earns on the capital it uses.
XEL per-share figures Results divided by the shares outstanding at year-end.
XEL financial health Debt, liquidity and how easily interest is covered.
XEL efficiency & capital use Working capital cycle and where the cash goes.
XEL valuation history
XEL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
XEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
XEL cash returned to shareholders
XEL price vs earnings per share
XEL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $43.50B | $38.01B | $34.17B | $38.35B | $36.56B | $35.20B | $33.01B | $25.18B | $24.49B | $20.74B |
| Enterprise value | $78.01B | $68.04B | $61.56B | $64.27B | $61.13B | $57.28B | $53.21B | $42.28B | $40.20B | $35.49B |
| P/E ratio | 21.6 | 19.6 | 19.3 | 22.1 | 22.9 | 23.9 | 24.1 | 20.0 | 21.3 | 18.5 |
| Price / sales | 3.0 | 2.8 | 2.4 | 2.5 | 2.7 | 3.1 | 2.9 | 2.2 | 2.1 | 1.9 |
| Price / book | 1.8 | 1.9 | 1.9 | 2.3 | 2.3 | 2.4 | 2.5 | 2.1 | 2.1 | 1.9 |
| Price / operating cash flow | 10.7 | 8.2 | 6.4 | 9.8 | 16.7 | 12.4 | 10.1 | 8.1 | 7.8 | 6.8 |
| EV / sales | 5.3 | 5.1 | 4.3 | 4.2 | 4.6 | 5.0 | 4.6 | 3.7 | 3.5 | 3.2 |
| EV / EBITDA | 12.6 | 12.2 | 11.8 | 12.7 | 13.3 | 13.3 | 12.9 | 10.9 | 10.3 | 9.5 |
| Earnings yield | 4.6% | 5.1% | 5.2% | 4.5% | 4.4% | 4.2% | 4.2% | 5.0% | 4.7% | 5.4% |
| Free cash flow yield | −15.7% | −7.2% | −1.5% | −1.8% | −5.6% | −7.2% | −2.9% | −3.3% | −0.8% | −1.0% |
| Dividend yield | 2.9% | 3.1% | 3.2% | 2.6% | 2.6% | 2.4% | 2.4% | 2.9% | 2.9% | 3.3% |
| Shareholder yield (dividends + buybacks) | 2.9% | 3.1% | 3.2% | 2.6% | 2.6% | 2.4% | 2.4% | 2.9% | 3.0% | 3.4% |
| Share price at fiscal year-end | $73.86 | $67.52 | $61.91 | $70.11 | $67.70 | $66.67 | $63.49 | $49.27 | $48.11 | $40.70 |
| Per share | ||||||||||
| Revenue per share | $24.90 | $23.87 | $25.74 | $27.99 | $24.87 | $21.83 | $22.17 | $22.58 | $22.40 | $21.80 |
| Earnings per share | $3.43 | $3.44 | $3.21 | $3.17 | $2.96 | $2.79 | $2.64 | $2.47 | $2.26 | $2.21 |
| Operating cash flow per share | $6.93 | $8.24 | $9.65 | $7.19 | $4.05 | $5.39 | $6.28 | $6.11 | $6.14 | $5.99 |
| Free cash flow per share | −$11.59 | −$4.84 | −$0.95 | −$1.29 | −$3.81 | −$4.77 | −$1.85 | −$1.63 | −$0.38 | −$0.40 |
| Cash per share | $0.47 | $0.32 | $0.23 | $0.20 | $0.31 | $0.24 | $0.48 | $0.29 | $0.16 | $0.17 |
| Book value per share | $40.08 | $34.67 | $31.91 | $30.48 | $28.91 | $27.60 | $25.46 | $23.92 | $22.50 | $21.63 |
| Tangible book value per share | $40.08 | $34.67 | $31.91 | $30.48 | $28.91 | $27.60 | $25.46 | $23.92 | $22.50 | $21.63 |
| Dividends per share | $2.18 | $2.09 | $1.98 | $1.85 | $1.73 | $1.62 | $1.52 | $1.43 | $1.42 | $1.34 |
| Capex per share | $18.52 | $13.08 | $10.61 | $8.48 | $7.86 | $10.17 | $8.12 | $7.74 | $6.52 | $6.39 |
| Debt per share | $59.05 | $53.66 | $49.84 | $47.59 | $45.81 | $42.06 | $39.32 | $33.75 | $31.02 | $29.13 |
| Shares outstanding | 589.0M | 563.0M | 552.0M | 547.0M | 540.0M | 528.0M | 520.0M | 511.0M | 509.0M | 509.5M |
| Change in shares outstanding | +4.6% | +2.0% | +0.9% | +1.3% | +2.3% | +1.5% | +1.8% | +0.4% | −0.1% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.4% | 10.4% | 10.3% | 10.8% | 10.6% | 10.6% | 10.8% | 10.7% | 10.2% | 10.4% |
| Return on invested capital (ROIC) | 5.3% | 5.0% | 5.7% | 5.9% | 5.7% | 6.0% | 6.1% | 6.1% | 5.6% | 5.8% |
| Return on assets (ROA) | 2.7% | 2.9% | 2.8% | 2.9% | 2.9% | 2.8% | 2.8% | 2.8% | 2.7% | 2.8% |
| Return on tangible assets | 2.5% | 2.8% | 2.8% | 2.8% | 2.8% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% |
| Free cash flow margin | −46.5% | −20.3% | −3.7% | −4.6% | −15.3% | −21.9% | −8.3% | −7.2% | −1.7% | −1.8% |
| Income quality (OCF / net income) | 2.02 | 2.40 | 3.01 | 2.26 | 1.37 | 1.93 | 2.38 | 2.48 | 2.72 | 2.72 |
| Financial health | ||||||||||
| Total debt | $34.78B | $30.21B | $27.51B | $26.03B | $24.74B | $22.21B | $20.45B | $17.25B | $15.79B | $14.84B |
| Cash & short-term investments | $274.0M | $179.0M | $129.0M | $111.0M | $166.0M | $129.0M | $248.0M | $147.0M | $83.0M | $85.0M |
| Net debt | $34.51B | $30.03B | $27.39B | $25.92B | $24.57B | $22.08B | $20.20B | $17.10B | $15.71B | $14.76B |
| Debt / equity | 1.47 | 1.55 | 1.56 | 1.56 | 1.58 | 1.52 | 1.54 | 1.41 | 1.38 | 1.35 |
| Debt / assets | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.41 | 0.41 | 0.38 | 0.37 | 0.36 |
| Net debt / EBITDA | 5.57 | 5.37 | 5.27 | 5.10 | 5.34 | 5.11 | 4.91 | 4.41 | 4.02 | 3.95 |
| Current ratio | 0.71 | 0.67 | 0.72 | 0.85 | 0.84 | 0.77 | 0.68 | 0.69 | 0.73 | 0.88 |
| Quick ratio | 0.60 | 0.57 | 0.59 | 0.71 | 0.72 | 0.65 | 0.56 | 0.57 | 0.58 | 0.69 |
| Interest coverage | 2.1 | 2.0 | 2.5 | 2.6 | 2.7 | 2.6 | 2.9 | 3.0 | 3.6 | 3.6 |
| Working capital | −$2.08B | −$2.13B | −$1.58B | −$934.0M | −$807.0M | −$964.0M | −$1.46B | −$1.37B | −$1.11B | −$404.9M |
| Invested capital | $58.12B | $49.55B | $45.00B | $42.60B | $40.18B | $36.65B | $33.44B | $29.32B | $27.16B | $25.78B |
| Tangible asset value | $23.61B | $19.52B | $17.62B | $16.68B | $15.61B | $14.57B | $13.24B | $12.22B | $11.46B | $11.02B |
| Net current asset value | −$52.75B | −$46.19B | −$42.39B | −$39.37B | −$38.00B | −$36.11B | −$34.10B | −$30.67B | −$28.60B | −$27.29B |
| Graham number | $55.59 | $51.80 | $48.00 | $46.66 | $43.86 | $41.63 | $38.88 | $36.44 | $33.79 | $32.76 |
| Graham net-net per share | −$94.14 | −$86.04 | −$80.35 | −$77.04 | −$74.72 | −$71.52 | −$68.32 | −$62.88 | −$58.97 | −$56.17 |
| Capital allocation | ||||||||||
| Dividends paid | $1.28B | $1.18B | $1.09B | $1.01B | $935.0M | $856.0M | $791.0M | $730.0M | $721.0M | $680.5M |
| Share buybacks (net) | — | — | $0 | $0 | $0 | $0 | $0 | $1.0M | $3.0M | $32.2M |
| Dividend payout ratio | 63.5% | 60.7% | 61.7% | 58.3% | 58.5% | 58.1% | 57.7% | 57.9% | 62.8% | 60.6% |
| Capex / revenue | 74.4% | 54.8% | 41.2% | 30.3% | 31.6% | 46.6% | 36.6% | 34.3% | 29.1% | 29.3% |
| Capex / operating cash flow | 267.2% | 158.7% | 109.9% | 118.0% | 193.9% | 188.5% | 129.5% | 126.7% | 106.2% | 106.7% |
| Capex / depreciation | 3.54 | 2.56 | 2.28 | 1.82 | 1.88 | 2.58 | 2.22 | 2.22 | 2.06 | 2.27 |
| Stock-based compensation / revenue | 0.3% | 0.2% | 0.2% | 0.1% | 0.2% | 0.6% | 0.5% | 0.4% | 0.5% | 0.4% |
| SG&A / revenue | — | — | — | 4.5% | 4.7% | 5.3% | 4.9% | 7.3% | 0.0% | 0.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 53.4 | 57.7 | 59.7 | 51.9 | 47.7 | 50.4 | 50.1 | 50.2 | 49.1 | 47.4 |
| Days of inventory on hand | 33.6 | 34.5 | 33.6 | 27.7 | 26.0 | 30.0 | 29.3 | 29.8 | 32.2 | 32.6 |
| Days payables outstanding | 96.3 | 86.3 | 77.0 | 62.0 | 59.1 | 70.4 | 67.9 | 63.9 | 60.7 | 53.9 |
| Cash conversion cycle (days) | -9.3 | 5.8 | 16.3 | 17.6 | 14.6 | 10.0 | 11.5 | 16.2 | 20.6 | 26.1 |
| Receivables turnover | 6.84 | 6.33 | 6.12 | 7.03 | 7.65 | 7.25 | 7.29 | 7.27 | 7.44 | 7.70 |
| Payables turnover | 3.79 | 4.23 | 4.74 | 5.88 | 6.18 | 5.19 | 5.38 | 5.71 | 6.02 | 6.77 |
| Inventory turnover | 10.85 | 10.59 | 10.87 | 13.18 | 14.02 | 12.16 | 12.47 | 12.23 | 11.34 | 11.19 |
| Asset turnover | 0.19 | 0.20 | 0.23 | 0.26 | 0.24 | 0.22 | 0.24 | 0.26 | 0.27 | 0.28 |
| Average receivables | $2.15B | $2.12B | $2.32B | $2.18B | $1.75B | $1.59B | $1.58B | $1.59B | $1.53B | $1.44B |
| Average payables | $2.04B | $1.72B | $1.74B | $1.61B | $1.32B | $1.27B | $1.27B | $1.24B | $1.14B | $1.00B |
| Average inventory | $713.5M | $688.5M | $757.0M | $717.0M | $583.0M | $539.5M | $546.0M | $579.0M | $607.1M | $606.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from XEL's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
XEL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Xcel Energy traded at 21.6 times earnings, against a 10-year median of 21.4. Based on the latest twelve months, the trailing P/E is 20.9 and the forward P/E is 16.0. Xcel Energy earned a return on equity of 9.4% and a return on invested capital of 5.3% in fiscal 2025. It ended the year with $34.8 billion of debt and $274.0 million in cash and short-term investments, net debt of $34.5 billion. It returned $1.3 billion to shareholders: $1.3 billion in dividends and $0 in share buybacks. The share count rose 15.6% from 509.5M to 589.0M over 9 years.
See the XEL income statement, the XEL chart for price history, or the XEL stock overview for the latest quote and news.
XEL key metrics FAQ
What is Xcel Energy's P/E ratio?
Xcel Energy's trailing P/E ratio is 20.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 16.0. At the end of fiscal 2025 it was 21.6, compared with a 10-year median of 21.4.
What is Xcel Energy's EV/EBITDA?
Xcel Energy's enterprise value was 12.6 times EBITDA at the end of fiscal 2025 (enterprise value $78.0 billion, EBITDA $6.2 billion); the current EV/EBITDA is 12.6.
What is Xcel Energy's return on equity?
Xcel Energy's return on equity (ROE) was 9.4% in fiscal 2025: net income of $2.0 billion on average shareholders' equity of $21.6 billion.
What is Xcel Energy's ROIC?
Xcel Energy's return on invested capital was 5.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Xcel Energy have?
Xcel Energy had total debt of $34.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.47 and $34.5 billion of net debt (5.57 times EBITDA).
What is Xcel Energy's dividend yield?
Xcel Energy's forward dividend yield is 3.11%. Xcel Energy paid $1.3 billion in dividends in fiscal 2025 ($2.18 per share), a payout ratio of 63.5%.
What is Xcel Energy's free cash flow yield?
Xcel Energy generated -$6.8 billion of free cash flow in fiscal 2025, a free cash flow yield of −15.7% on its market value at year-end ($43.5 billion).
What is Xcel Energy's current ratio?
Xcel Energy's current ratio was 0.71 at the end of fiscal 2025: current assets were 0.71 times current liabilities.
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